SRI LANKA ECONOMIC CRISIS

Sri Lanka's national inflation eases further to 10.8 percent

epa10766218 People buy vegetables and other essentials for their daily living at a local market in the commercial hub of Colombo, Sri Lanka, 24 July 2023. The Department of Census and Statistics in Sri Lanka reports that national inflation decreased further to 10.8 percent in June 2023, from a headline inflation rate of 22.1 percent in May 2023. The Sri Lankan Central Bank expects that the economy will recover faster than projected in the second half of the year as inflation cools and foreign exchange inflows resume. The Central Bank had decreased its standing deposit facility rate and standing lending facility rate, indicating that the economy is entering a recovery phase. The International Monetary Fund (IMF) approved a three-billion-dollar Extended Fund Facility (EFF) to support Sri Lanka's economic policies and reforms. Sri Lanka is experiencing its worst economic crisis in over seven decades as a result of a lack of foreign reserves. EPA/CHAMILA KARUNARATHNE

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